Second charge mortgage market volumes were up 22% in May, the the Finance & Leasing Association (FLA) has reported.

The value of new business during the month was £108 million.

There were 2,378 new agreements in May, up 22% year-on-year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market remained buoyant in May, as monthly new business reached more than £100 million for the second time this year.”